ITR filing deadline for corporate taxpayers extended till November 15

The Central Board of Direct Taxes (CBDT) has actually extended the due date for business taxpayers to submit tax return for the Assessment Year (AY) 2024-25. Initially set for October 31, the due date is now November 15, 2024, as revealed by the Ministry of Finance on Saturday.

The extension uses to taxpayers covered under sub-Section (1) of Section 139 of the Income-tax Act, 1961. This follows a current extension of the tax audit report submission due date, moved from September 30 to October 7, 2024.

Under earnings tax law, specific taxpayers are needed to perform an earnings tax audit, with the report typically due by September 30 of the evaluation year.

Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala informed news firm PTI that the prolonged filing date does not impact the Tax Audit Report, transfer rates accreditation in Form 3CEB, or other tax types like Form 10DA, which stay due by October 31, 2024.

Rajat Mohan, Senior Partner at AMRG & & Associates, highlighted that the CBDT’s choice to extend the filing due date, while not formally described, lines up with the upcoming joyful season.

“By extending the due date to November 15, 2024, taxpayers and experts alike can prioritise precision and compliance without the tension of last-minute filings in the middle of events,” he informed PTI.

Jhunjhunwala included, “This targeted extension looks for to assist in compliance throughout a peak duration while maintaining the prompt submission of vital audit paperwork.”